Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

ASX Trades Higher as Tech Recovers

Published 12/01/2022, 11:31 am
Updated 12/01/2022, 11:34 am
© Reuters.

© Reuters.

By Oliver Gray 

Investing.com - The ASX 200 was 67.60 points or 0.91% higher at 7,457.70 in Wednesday’s mid-morning deals, with market participants tracking an overnight rally on Wall Street, led by a 1.41% gain on the tech-heavy Nasdaq composite.

ASX 200 Futures were trading 0.08% higher.

Among stocks, mining heavyweights were mixed as Rio Tinto Ltd (ASX:RIO) eased 0.12%, BHP Billiton Ltd (ASX:BHP) gained 1.65%, while Fortescue Metals Group Ltd (ASX:FMG) dipped 1.09% after Citigroup Inc (NYSE:C) downgraded it to a “sell” rating.

Rare earth miners lifted with Pilbara Minerals Ltd (ASX:PLS) adding 0.57%, Magnis Resources Ltd (ASX:MNS) up 2.8%, Avz Minerals Ltd (ASX:AVZ) adding 2.27% and Lynas Rare Earths Ltd (ASX:LYC) gaining 1.27%.

Gold miners were also higher as spot prices lifted. St Barbara Ltd (ASX:SBM) added 3%, Gold Road Resources Ltd (ASX:GOR) gained 1.74%, Newcrest Mining Ltd (ASX:NCM) lifted 3.74%, Northern Star Resources Ltd (ASX:NST) added 2.97%, Perseus Mining Ltd (ASX:PRU) gained 1.63%, Chalice Gold Mines Ltd (ASX:CHN) lifted 2.65% and Evolution Mining Ltd (ASX:EVN) rallied 4.15%.

Meantime, technology companies rallied with Appen Ltd (ASX:APX) surging 4.29%, Megaport Ltd (ASX:MP1) up 2.32%, Novonix Ltd (ASX:NVX) adding 2.01%, Brainchip Holdings Ltd (ASX:BRN) lifting 2.5%, Xero Ltd (ASX:XRO) gaining 2.72% and Wisetech Global Ltd (ASX:WTC) up 1.57%.

BNPL names were sharply higher as Zip Co Ltd (ASX:Z1P) advanced 3.32% and Afterpay Touch Group Ltd (ASX:APT) jumped 5.71% on news that the Bank of Spain has approved Block Inc (NYSE:SQ) takeover of the buy now, pay later giant.

Financials were mostly higher with Macquarie Group Ltd (ASX:MQG) up 2.09%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) up 0.13% and Westpac Banking Corp (ASX:WBC) adding 0.09% while Commonwealth Bank Of Australia (ASX:CBA) and National Australia Bank Ltd (ASX:NAB) fell 0.1% apiece.

Mesoblast Ltd (ASX:MSB) rose 4.9% after announcing positive results from a phase 3 trial of its allogeneic cell therapy rexlemestrocel-L’s use in treating chronic low back pain associated with degenerative disc disease.

On the bond markets, Australia 10-Year yields were at 1.843% while United States 10-Year rates were at 1.736%.

In New Zealand, the NZX 50 gained 0.12% to 12,847.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.